Paul Grinnell

A European Union-funded grants scheme has safeguarded more than 400 jobs in Lincolnshire and given a £1 million boost to businesses.

The figures were revealed at a ceremony in Spalding to mark the end of the two year Grants4Growth programme.

Leading business people at the event at the Springfields Conference Centre heard the EU-funded scheme, which was managed by South Holland District Council’s economic development team, had funded 107 firms helping them grow and improve efficiency.

During the past two years Grants4Growth has helped create 85 jobs whilst safeguarding 443 positions.

It has also produced an estimated aggregate increase in turnover of £5.6million among the firms which have benefited.

The largest grant handed out was for £40,000, the smallest was £1,000 and the average amount was £7,926.

Cllr Nick Worth, who has responsibility for business growth, said: “Grants4Growth has been a resounding success and helped many different companies to expand and become more efficient.

“It was very pleasing to be able to welcome some of the companies involved to Springfields to share their success stories and achievements.

“We had plenty of positive feedback.”

The council is now looking at ways to secure future funding to launch a successor to the scheme.